We all know that the freelancing world is thrilling, fulfilling, and at times, let's be real, a bit terrifying. One of the most daunting parts of freelancing (and one that I've grappled with myself) is cash flow management.
In today's episode, we're diving deep into this crucial topic. The one thing I want you to take away from this episode is how to skillfully manage your cash flow so you never have to see your bank balance hit zero.
I'm sure you've heard this saying before: "Businesses don't fail, they simply run out of money".
This isn't just some platitude, it's backed up by data.
A study cited by Business Insider tells us that 82% of small businesses (freelancers included) fail because of cash flow issues. That's right - they ran out of money. That's why today's episode is so crucial.
As someone who's seen my income swing wildly from one month to the next (like when I made $20,000 in January 2015, then just $1,200 in February 2015), I've learned first-hand the stress of getting this wrong.
You might be thinking, "But Brian, I'm just a freelancer. I don't have a big business with tons of employees and overheads. Do I really need to worry about cash flow?"
The answer is a resounding YES.
It doesn't matter if you're a solo freelancer or a big business, managing your cash flow is vital to keeping your business afloat and making sure you're not living paycheck to paycheck.
In this episode you’ll discover:
For full show notes, visit https://6figurecreative.com/254
#141: How Free Work Fits Into A Healthy Audio Business
#140: Business Basics: Why Cashflow Is Crucial, And How To Manage It Properly In Troubling Times
#139: The 4 Most Important Requirements For Naming Your Business
#138: The 4 Audio Business Models, The Pros And Cons Of Each, And How To Avoid "The Death Zone" | The 6FHS Business Quadrant
#137: How To DeF*ck Your Marketing Message With A "Before & After Transformation"
#136: How You Can Make Marketing 10x Easier By Using "The Motown Model" (Another Blue Ocean Niche)
#135: Why COVID Is The Final Nail In The Coffin For Most Old-School Studios (And What That Means For Home Studios)
#134: The 5-Step Process For Go-Giver Marketing (And Why It's The Best Way To Market Your Studio)
#133: The Keys To A Six Figure Mastering Studio | With Chris Graham And Mike Indovina
#132: Turn More Quote Requests Into Clients By Implementing These 5 Systems
#131: How To Set Up Your Instagram Account For Success | With Brandon Brown Of Media Whisper
#130: My $250,000 Lesson On Marketing
#129: How Mark Eckert Is Running A Thriving Pop Production Studio (Despite Being Stuck At Home)
#128: Big Picture | Why Mindset Is The Key To Your Business Surviving
#127: 5 Things Every Studio Should Do NOW To Take Advantage Of Slow Times
#126: How Struggling Studios Can Adapt To The COVID-19 Crisis
#125: How To Build An Online Recording Studio That Employs 30+ Engineers - With Joe Wadsworth
#124: The Virus-Resistant Audio Business | A Full-service Podcast Agency - With Launchpod Media
#123: Two Idiotic Things We Need To Stop Doing If We Want A Better Business (And Life)
#122: Why It's Time For You To FINALLY Hire Someone
Create your
podcast in
minutes
It is Free
99% Invisible
The John Clay Wolfe Show
kelliot!
Just So Stories
Grimms’ Fairy Tales
Creative Pep Talk
How to Decorate